Iraq Restarts Oil Exports from Kurdish Region Through Turkey's Ceyhan Port

Iraq is poised to recommence its oil exports from the northern Kurdish region via Turkey's Ceyhan port. This move follows a more than two-year halt in exports and aims to bolster Iraq's oil revenues. Officials have confirmed the resumption as part of efforts to normalize relations between Baghdad and the semi-autonomous Kurdish region, despite ongoing disagreements concerning revenue sharing and field management.

The initial cessation of exports occurred in early 2023 when the International Chamber of Commerce ruled in favor of Iraq over an arbitration case involving the Kurdish regional government's independent oil exports. Attempts to resume exports have failed multiple times in the past. Ali Nizar al-Shatari, head of Iraq's State Oil Marketing Organisation, stated that pumping will commence at 6 am on Saturday with a target of 240,000 barrels per day, of which 180,000 to 190,000 will be exported.

This resumption results from an agreement among Iraq's federal Oil Ministry, the Kurdish natural resources ministry, and international oil companies present in the region. Companies are set to receive $16 per barrel to cover production and transportation costs. Meanwhile, US Secretary of State Marco Rubio praised the agreement, noting its benefits for both American and Iraqi stakeholders.

(With inputs from agencies.)